The Thailand Aesthetic Medicine Market size is expected to reach USD 1.89 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 13.6% from 2021 to 2028. The market is majorly driven by the increasing adoption of minimally invasive and non-invasive procedures, coupled with the growth in the population susceptible to signs of aging. Moreover, an increase in the incidence of road accidents is driving the demand for reconstructive surgeries, which is fuelling the growth of the aesthetic medicine market in the country.
According to the International Society of Aesthetic
Plastic Surgery (ISAPS), among Asian countries, Thailand is among the top ten
countries with the highest number of invasive as well as non-invasive
procedures. Cities such as Bangkok and Phuket are major cosmetic surgery hubs
in the country, which have clusters of major aesthetic surgery hospitals and
clinics.
According to a survey by the International Society of
Aesthetic Plastic Surgery in 2019, around 92,597 invasive aesthetic procedures
were performed in the country. Moreover, Thailand is a tourism-dependent
economy where medical tourism is flourishing due to low treatment
costs and high-quality post-treatment services. According to the Journal of
Community Development Research, Thailand’s medical tourism industry expanded
with a 10% revenue growth in 2019 from 2018. These factors might boost the
growth of the aesthetic medicine market.
The advent of the Covid-19 pandemic has resulted in
the cessation of medical tourism in Thailand. The majority of the medical
tourists visit the country for cosmetic procedures, however, the international
travel ban and lockdown restrictions due to the pandemic have resulted in the
shutting down of aesthetic clinics, thereby affecting the country’s aesthetic
medicine market. However, according to Bangkok Post, Thailand Centre for
Covid-19 Situation Administration stated that they have resumed the country’s
medical and wellness tourism program intending to attract medical tourists back
into the country. The aesthetic market revenue is expected to plunge back to
pre-Covid levels by the end of 2022.
Related Press Release@ Thailand Aesthetic Medicine Market Report
Thailand Aesthetic Medicine
Market Report Highlights
- Based on procedure type, the invasive procedures segment accounted
for the largest share of 74.6% in 2020. This is because the country sees a
majority of medical tourists for aesthetic surgical procedures
- In the invasive procedures segment, eyelid surgery is expected to
register the highest CAGR of 14.4% over the forecast period. As a majority
of the Thai population does have sagging eyelids, people opt for eyelid
surgeries to gain a defined eye shape and remove sagging
- The non-invasive procedures segment is expected to witness the
highest growth over the forecast period due to its minimally invasive
characteristics, immediate results, and low recovery period
- In the non-invasive procedures segment, Botox injections held the
largest market share in 2020 and are expected to exhibit a significant
CAGR over the forecast period. This is mainly due to the availability of
wide applications of Botox injections
- On the basis of end use, clinics and aesthetic centers held the
largest share of 69.3% in 2020. This is due to the fact that aesthetic
clinics are increasingly offering customized treatments at cost-effective
prices
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